Boardwalk announces results of extraordinary meeting of debentureholders - amendments to trust indenture approved

    CALGARY, Aug. 5 /CNW/ - Boardwalk Real Estate Investment Trust ("BEI.UN"
- TMX) announced July 30, 2008 that the extraordinary meeting of the holders
of 5.31% convertible debentures due January 23, 2012 (the "Debentures") of
Boardwalk REIT was held July 30, 2008 in Calgary, as previously announced.
Boardwalk is pleased to report that, at the meeting, all resolutions put forth
were approved by the requisite majority of debentureholders.
    In particular, debentureholders approved amendments to the existing trust
indenture which sets out the terms of the Debentures (the "Trust Indenture")
to amend:

    a.  the definition of "Adjusted Gross Book Value" in section 3.1 of the
        Trust Indenture to increase that amount by an aggregate of
        $410 million until Boardwalk is required or elects to report the fair
        market value of its and its subsidiaries' assets on its publicly
        issued consolidated balance sheet in accordance with International
        Financial Reporting Standards ("IFRS") and, after such time, the
        definition of "Adjusted Gross Book Value" in the Trust Indenture will
        mean the fair market value of the assets of Boardwalk and its
        subsidiaries as shown on Boardwalk's then most recently publicly-
        issued consolidated balance sheet;
    b.  section 3.12 of the Trust Indenture to increase the ratio of
        Consolidated EBITDA to Consolidated Interest Expense to 1.75 to 1
        from the current 1.50 to 1;
    c.  section 3.13 of the Trust Indenture to decrease the Indebtedness
        Percentage to 60% from the current 70% when Boardwalk is required or
        elects to report the fair market value of its and its subsidiaries'
        assets on its publicly issued consolidated balance sheet in
        accordance with IFRS; and
    d.  section 3.5(1) of the Trust Indenture to increase the rate of
        interest on the Debentures to 5.61% from the current 5.31% from and
        after July 23, 2008 until the Maturity Date of January 23, 2012;

    Corporate Profile

    Boardwalk REIT is Canada's largest owner/operator of multi-family rental
communities. Boardwalk REIT currently owns and operates in excess of 260
properties with 36,784 rental units totaling approximately 31 million net
rentable square feet. The Trust's portfolio is concentrated in the provinces
of Alberta, British Columbia, Saskatchewan, Ontario and Quebec. Boardwalk
REIT's Trust units are listed on the Toronto Stock Exchange, trading under the
symbol BEI.UN. The Trust's total Enterprise Value is approximately $4.1

    Forward Looking Information

    This press release may contain forward looking statements. These
statements relate, but are not limited to, Boardwalk REIT's expectations,
intentions, plans and beliefs. These forward looking statements can generally
be identified by the use of words "anticipated", "expected" or the negative
thereof or other comparable terminology. You should be aware that these
statements are subject to known and unknown risks, uncertainties and other
factors, including the risks discussed under the heading "Risk Factors" in the
Annual Information Form of Boardwalk REIT available on Actual
events or results may differ materially from those suggested by any
forward-looking statements. You should not place undue reliance on any
forward-looking statements contained in this press release and should not rely
on such statements on any date other than the date of this press release. By
their nature, forward-looking statements involve numerous assumptions,
inherent risks and uncertainties, both general and specific, that contribute
to the possibility that the predictions, forecasts, projections and various
future events will not occur. Although management of Boardwalk REIT believes
that the expectations reflected in the forward-looking statements are
reasonable, there can be no assurances that future results, levels of
activity, performance or achievements will occur as anticipated. None of
Boardwalk REIT nor any other person assumes responsibility for the accuracy
and completeness of any forward-looking statements, and no one has any
obligations to update or revise any forward-looking statement, whether as a
result of new information, future events or such other factors which affect
this information, except as required by law.

    %SEDAR: 00020684E

For further information:

For further information: Boardwalk REIT, Sam Kolias, CEO, (403)
531-9255; Roberto Geremia, President, (403) 531-9255

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